"We're very pleased with our strong pipeline in such a challenging economy both in China and globally," commented Mr. Gang Li, Chairman and CEO of NF Energy. "Our constantly increasing backlog orders provide us good visibility for our performance in 2009, especially for the second half of that period. Our pipeline has also been expanding which is expected to further enhance our performance for the whole year of 2009 and beyond."
As the numbers presented above represent backlog orders estimated to be completed in the fiscal year 2009 based on contracts signed as of the press release date, the actual revenue realized through that date is subject to the completion of all these orders during this period. The company acknowledges that there may be cases where there would be causes which are out of the company's control, such as those by customers, and would lead to delay in the completion and/or shipments of these orders, thereby affecting the revenue to be recognized for the company in fiscal year 2009. The contract numbers presented above are the total contract values, which include a 17% value added tax ("VAT"), which is excluded for revenue recognition for the current period according to US GAAP. The numbers presented represent values based on current exchange rates. Changes in the currency exchange rates would result in a commensurate change in contract value.
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